Boko Haram launches strikes near Cameroon border
Thousands of members of Nigeria’s Islamic extremist group Boko Haram have launched strikes across the border in Cameroon, with co-ordinated attacks on border towns, a troop convoy and a major barracks.
Farther north, Boko Haram employs recruits from Chad to enforce its control in north-eastern Nigerian towns and cities. Read more
DSS to Provide Conducive Environment for Free, Fair Polls
The Department of State Services has said it was creating the right and conducive environment for the conduct of the 2015 general elections.
The service said it would not allow divisive politicians and terrorists to truncate the nation’s democracy or undermine national security during the exercise. Read more
Spend N21.27bn donation on electricity, Buhari group tells Jonathan
The Buhari 2015 Support Group Centre on Sunday flayed the over N21.27bn donated to President Goodluck Jonathan by businessmen, multinationals and the Peoples Democratic Party governors to finance his 2015 presidential election campaign.
The oil and gas sector, doled out N5bn; road and construction, N560m; power, N500m and Chief Tunde Ayeni and his associates, gave out N2bn at the vent which took place at the Presidential Villa, Abuja on Saturday. Read more
SERAP drags PDP, APC to court over 2015 election funding
A civil society group, Socio-Economic Rights and Accountability Project (SERAP), has dragged the All Progressives Congress (APC) and the Peoples Democratic Party (PDP) to court, over “failure to disclose their sources of spending on their respective electoral campaigns and other operations linked to the February 2015 general election.”
The suits, filed last week at the Federal High Court, Ikoyi, followed Freedom of Information requests to PDP National Chairman, Alhaji Ahmadu Adamu Mu’azu and APC National Chairman, Chief John Odigie-Oyegun, dated November 18, 2014. Read more
INEC Rejects Folarin as Oyo PDP Gov Candidate
The Independent National Electoral Commission (INEC) has rejected the Oyo State Peoples Democratic Party (PDP) governorship candidate, Senator Teslim Folarin, in the 2015 election.
The INEC had written to the National chairman of the party, Adamu Mu’azu to be guided by the order of the court on the election. Read more
Construction Firm, MD Sue Unity Bank for N100bn
A construction firm, Bulet International (Nig) Limited has dragged Unity Bank Plc before an Abuja High Court, seeking N100 billion for damages for libel.
The first plaintiff is a building and civil engineering construction company while the second plaintiff is its Chief Executive, Alhaji Ismaila Isa, former Minister of Water Resources and former President of the Newspaper Proprietors’ Association of Nigeria (NPAN). Read more
Mansard, Guinness, Skye Bank win Nigerian risk award
THE 2014 edition of the Nigerian Risk Awards (NRA) organized by Conrad Clark Nigeria Limited in partnership with Business Day, Thomson Reuters and the Institute of Risk Management UK (IRM) has seen deserving individuals and companies like Mansard Insurance, Guinness Nigeria and Skye Bank, among others, winning awards.
NRA recognizes and honours organizations and individuals who have achieved measurable results through effective implementation of good governance, effective internal controls and risk management systems. Read more
Stakeholders Seek Listing of Telcos on Nigerian Stock Exchange
Some stakeholders have reiterated the need for the federal government to ensure consumers of the services of telecommunications actually benefit from the profits of the companies through the listing of their shares in the Nigerian capital market.
While Global System for Mobile communication (GSM) companies are making huge profits, from the patronage of Nigerians, major part of the profits are taken outside the country. Read more
Dangote Cement hits Cameroon market with 1.5m TPA
The first set of the Dangote Cement bags, the 3x Premium, will hit the Cameroun market in January 2015, the management of the company has said.
Conducting the Cameroonian media round the 1.5 million metric tonnes per annum capacity plant in Douala, the General Manager of the plant, Baba Abdullahi, said the plant was already being testrun and full production would start next month. Read more
FG approves N12bn for constructions of berth 21 Apapa, Makurdi ports
The Federal Government has approved sum of N12 billion contract for the construction of Berth 21 at the Terminal ‘E’ of the Lagos Port Complex in Apapa and construction of Inland River Port at Makurdi.
These were some of the outcomes of the weekly Federal Executive Council (FEC) meeting presided over by President Goodluck Jonathan at the Council Chamber of the Presidential Villa in Abuja. Read more
Over 10,000 Persons Displaced from Chibok, Damboa, Gwoza Now Living in Adamawa
Over 10,000 residents of Chibok, Damboa and Gwoza communities in Borno State have been reportedly displaced by the multiple Boko Haram attacks on their communities, forcing them to seek refuge in various camps in Adamawa State.
The disclosure was made on Sunday in Yola by two prominent elder statesmen from the federal constituency hosting the displaced persons, David Kitakwa and the Peoples Democratic Party (PDP) Chairman of Gwoza Local Government Area of Borno State, Abdulmunini Isah. Read more
FG Releases N230bn for Allowances, Projects in Varsities
The federal government at the weekend said over N230 billion has been released by the government in the last one year to all federal universities across the country to clear all arrears of earned allowances due for various categories of staff and as special intervention for capital projects to the universities.
President Goodluck Jonathan said this during the combined 25th and 26th convocation ceremony of the Federal University of Technology, Akure (FUTA). Read more
CBN Directs Banks to Strengthen Capital Buffers to Mitigate Oil Shocks
Owing to banks’ exposure to the oil and gas sector in the face of tumbling oil prices as well as the risk management deficiencies revealed by a recent risk-based supervision exercise conducted by the Central Bank of Nigeria (CBN), the CBN has directed deposit money banks (DMBs) to ensure that they have sufficient capital buffers to mitigate the escalating risk-taking activities. Read more
Banks’ Earnings Face More Pressure on CBN’s New Forex Policy
Currency analysts have said that the measures announced in the forex market by the Central Bank of Nigeria (CBN) last week put further pressure on banks’ earnings in 2015. They also argued that the policies would negatively impact banks’ FX income The CBN in a continued attempt to maintain the stability of the exchange rate reviewed downwards the daily foreign exchange trading position of individual authorised dealers to zero percent of shareholders’ funds (unimpaired by losses) from one per cent. The CBN however noted that this was a temporary measure. Read more
Oil Price: Fitch Forecasts Negative Outlook on Nigerian Banks
An international rating agency, Fitch, has issued a negative outlook on Nigerian banks based on the oil price shock and the resulting policy moves by the country’s regulatory authorities.
Fitch, in its 2015 outlook report, reflects the challenging and volatile operating environment due to low oil prices which it says may rise to $83 per barrel in 2015 and its impact on business and economy in Nigeria. Read more
Importers, Operators Hail Court Judgment on Shipping Charges
Importers and freight forwarders have commended the judgement of the Ikoyi Federal High Court on the charges being imposed on shippers by providers of shipping services.
The court dismissed the case brought against the Nigerian Shippers’ Council (NSC) on the reduction of some shipping charges and other regulatory decisions by terminal operators and shipping companies. Read more
Oil and Gas
Liberia, Nigeria Ratify Oil Production Deal
The legislature in Liberia has given its nod to a production sharing arrangement with a Nigerian oil firm operating in that country.
The Liberian Senate at the weekend concurred with its House of Representatives on the bill to ratify the production sharing contract (PSC) between the Republic of Liberia, the Liberty Petroleum Corporation of Liberia, the Pillar Oil Limited of Nigeria, and the New Millennium Oil & Gas for Liberia’s offshore Oil Block LB16. Read more
NLNG tops firms’ ranking
Liquefied natural gas exporter Nigeria LNG (NLNG) is fourth in the ranking of 100 companies in Nigeria.
The ranking was undertaken by business development and marketing consultants, Jake Riley, in partnership with the Federal Ministry of Industry, Trade and Investment (FMITI). Read more
UN chief visits Guinea, Mali to see efforts to fight Ebola
The UN Chief continued his tour on Saturday, and visited Guinea and Mali. In Guinea, one of the countries worst hit by the outbreak, Ban Ki-moon called on everyone in the country to commit to the fight against Ebola. He said that the UN is there to help until Guinea is Ebola-free.
“We have to fight back, fight against Ebola. This is an unprecedented disease which the United Nations and the international (community) has never experienced. That is why the whole world is now being mobilised,” Ban Ki-moon said. Read more
Tunisia election: Marzouki refuses to admit defeat
Moncef Marzouki has refused to admit defeat in Tunisia’s first free presidential election after exit polls suggested Beji Caid Essebsi had won.
The caretaker president, a former exile, said his rival’s declaration of victory was “undemocratic”. Read more
Saudi Arabia Won’t Cut Oil Production to Boost Prices
Saudi Arabia will not cut oil production to boost depressed prices, a reversal in the Kingdom’s usual policy of moderating supply to control prices and sending a strong message about the Organization of the Petroleum Exporting Countries’ (OPEC) strategy for dealing with a slumped oil market. Read more
North Korea threatens attack on White House and Pentagon over Sony hack
North Korea has threatened to attack the White House, Pentagon and the entire US mainland as the war of words between Washington and Pyongyang intensifies.
Following President Barack Obama’s direct accusation of North Korea’s involvement in the Sony Pictures hacking scandal, Pyongyang’s powerful National Defence Commission yet again denied any hand in the attack. Read more
Court orders partner of Sydney hostage-taker jailed
An Australian court on Monday ordered bail revoked for the partner of a self-styled Sheikh who last week stormed a Sydney cafe at gunpoint, sparking a 16-hour hostage crisis that left three people dead, including the gunman.
Amirah Droudis, on bail after being charged with the murder of hostage-taker Man Haron Monis’ wife, was ordered by a Sydney court returned to jail to await trial. Read more
OPEC’s Dominance of Energy Market ‘Is Over’
The era of OPEC domination over the global energy market is over, the former head of the oil cartel has told Sky News.
Abdullah bin Hamad al-Attiyah, the former energy minister of Qatar, said that the group of 12 oil exporters, which dominated the production and price-setting of energy for half a century, had surrendered its power to single-handedly affect prices. Read more
Robbers vandalize PHCN transformer in Lagos
Residents of Oke-Odo in Abule Egba area of Lagos have been thrown into utter darkness for days, following the alleged vandalization of a Power Holding Company of Nigeria (PHCN) transformer by suspected armed robbers in the area.
Daily Independent gathered that the PHCN transformer installed by the PHCN at Pipeline/Komolafe Street in Oke-Odo, Abule Egba was vandalized, with all the gadgets looted by the robbers. Read more
NERC harps on investment in power sector
The Executive Chairman of the Nigerian Electricity Regulatory Commission (NERC) Dr. Sam Amadi has stated that only enabling environment for huge investment in power sector by both local and foreign investors would give Nigerians sustainable power supply in the country.
Amadi made the declaration while reviewing a book lunch :‘On the Valley of the Struggle’ by Comrade Joe Ajaero, the Deputy President of the Nigeria Labour Congress (NLC) at the weekend in Abuja. Read more
FIFA Club W/Cup: Issa wins bronze, dreams Eagles shirt
Sanni Issa the Nigerian who won a bronze medal at the just concluded Club World Cup is hoping his performance at the tournament would land him a shirt in the Super Eagles.
After making history with Auckland City of New Zealand by finishing third at the FIFA Club World Cup beating Cruz Azul 4-2 on penalties and becoming the first club from Oceania to win a medal in the competition, Issa, who scored the decisive penalty kick, expects the Nigeria Football Federation (NFF) to “know” him now and extend a national call-up. Read more
Chukwu wants NPFL as centre-piece
Former Nigeria head coach, Christian Chukwu believes over reliance on overseas-based talent has negatively affected the country’s football fortunes in recent years.
Nigeria’s senior national team, the Super Eagles failed to qualify for the 2015 Africa Cup of Nations despite emerging champions at the biennial soccer showpiece in 2013. Read more
Lobi fault national teams’ selection process
Lobi Stars have counselled the Technical Committee of the Nigeria Football Federation (NFF) to liaise with the national teams’ coaches in order to get the best crop of players from the local league.
The Premier League side were reacting to the recently released list of 24 players in the domestic league who have been given invitations for the upcoming friendly matches against Cote d’ Ivoire and Mali next month which included none of their players. Read more
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